a billion tonnes of iron ore, page-22

Personally, I still sense the research is confused. My initial research was the 15 minute lunch break kind.

However, the 60 million tonnes is still merely low grade ore, which I have just verified again by phone with TRF.

The Annual Report states:

"On the 22nd December, 2008 IronClad announced a resource update at Wilcherry Hill and Hercules. The resource statements from its independent consultants have increased the high grade crystalline magnetite resource at the Wilcherry Hill Project by 33% to 60 million tonnes."

The Annual Report provides the following schedule of crystalline magnetite. Note, the Fe% grades are low:



The current announcement about mining 2mtpa of high grade crystalline magnetite is in respect to the iron ore discovered as reported in the announcements of 2nd November 2009 and 17th November 2009.

I have confirmed again with TRF that the DSO is currently estimate to be 10 million tonnes (without any JORC). This DSO comes from the September 2009 drilling program.